Yellen urges world leaders to 'unlock' frozen Russian Central Bank assets and send them to Ukraine

This is the best summary I could come up with:

WASHINGTON (AP) — Treasury Secretary Janet Yellen on Tuesday offered her strongest public support yet for the idea of liquidating roughly $300 billion in frozen Russian Central Bank assets and using them for Ukraine’s long-term reconstruction.

“It is necessary and urgent for our coalition to find a way to unlock the value of these immobilized assets to support Ukraine’s continued resistance and long-term reconstruction,” Yellen said in remarks in Sao Paulo, Brazil, where Group of 20 finance ministers and central bank governors are meeting this week.

The idea of using Russia’s frozen assets has gained traction lately as continued allied funding for Ukraine becomes more uncertain and the U.S. Congress is in a stalemate over providing more support.

Yellen said Tuesday that it is “extremely unlikely” that tapping the frozen funds would harm the dollar’s standing in the global economy “especially given the uniqueness of the situation where Russia is brazenly violating international norms.

John Kirby, President Joe Biden’s national security spokesman, said at a White House press briefing Tuesday that “we still believe Russia needs to be responsible for the damage” brought onto Ukraine by “exploring the option of using those frozen assets.”

Earlier this month, the European Union passed a law to set aside windfall profits generated from frozen Russian central bank assets.

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2 comments

Yes. Russia is commiting a crime. Use the money to protect those affected by that crime. It's the most logical thing to do. Are they seriously thinking of giving Russia the money back someday?
You killed a few million people, here's your money back
This is the best summary I could come up with:
WASHINGTON (AP) — Treasury Secretary Janet Yellen on Tuesday offered her strongest public support yet for the idea of liquidating roughly $300 billion in frozen Russian Central Bank assets and using them for Ukraine’s long-term reconstruction.
“It is necessary and urgent for our coalition to find a way to unlock the value of these immobilized assets to support Ukraine’s continued resistance and long-term reconstruction,” Yellen said in remarks in Sao Paulo, Brazil, where Group of 20 finance ministers and central bank governors are meeting this week.
The idea of using Russia’s frozen assets has gained traction lately as continued allied funding for Ukraine becomes more uncertain and the U.S. Congress is in a stalemate over providing more support.
Yellen said Tuesday that it is “extremely unlikely” that tapping the frozen funds would harm the dollar’s standing in the global economy “especially given the uniqueness of the situation where Russia is brazenly violating international norms.
John Kirby, President Joe Biden’s national security spokesman, said at a White House press briefing Tuesday that “we still believe Russia needs to be responsible for the damage” brought onto Ukraine by “exploring the option of using those frozen assets.”
Earlier this month, the European Union passed a law to set aside windfall profits generated from frozen Russian central bank assets.
The original article contains 533 words, the summary contains 215 words. Saved 60%. I'm a bot and I'm open source!